Thursday, December 5, 2019 Stamford, CT USA — Virtually all banks today are touting a new commitment to customer service. But bank customers—both retail and commercial—need to ask one important question: Is this commitment lip service or is it real?
A look at the list of the 2019 Greenwich CX Leaders in U.S. Commercial Small Business, Middle Market and Retail Banking shows there are two important characteristics:
- Executive Sponsorship: Is the bank’s senior leadership team actively and publicly engaged in the customer experience effort? Who is leading the charge?
- Digital Integration: State-of-the art customer service is not possible without robust digital capabilities.
2019 Greenwich CX Leaders
U.S. Commercial Small Business Banking: CapStar Bank
- CapStar Bank - Few institutions of this size have an executive Chief Culture Officer and list this role with their executive leadership. This level of commitment has enabled CapStar to carry over its excellence in customer service from its original commercial banking business into retail banking and wealth management.
U.S. Commercial Middle Market Banking: BBVA, CapStar Bank, CIBC
- BBVA - BBVA has succeeded in building and implementing a CX program that both identifies issues and provides a mechanism to consistently correct problems. BBVA management reviews CX data down to the individual customer level, empowering (and requiring) individual relationship managers to “own” the response to feedback from their customers. This granular attention to CX detail has enabled the Bank to maintain and even increase customer loyalty.
- CIBC - CIBC’s leadership team stands out by delivering customer service that is not only above average, but is frequently best in class. What’s perhaps most impressive is that the Bank has been able to maintain this level of quality through the integration of CIBC’s $5 billion 2017 acquisition of Chicago’s PrivateBank.
U.S. Retail Banking: Camden National Bank, CapStar Bank, CIBC, First Midwest Bank, Oxford Bank
- Camden National Bank - There was only one repeat CX Leader in 2018 and 2019, and that’s Camden National Bank. This consistency is due largely to the fact that its CX program was launched and championed by the bank’s President and CEO. This Maine-based bank has dismantled internal silos, integrated smart digital technology and focused the entire strategy around delivering an optimal community bank experience.
- First Midwest Bank - First Midwest is one of the few banks of its size to deploy a comprehensive CX program. This commitment to CX has enabled the Bank to maintain its industry-leading standards of service while acquiring two banks and expanding into Milwaukee and Iowa.
- Oxford Bank - Oxford Bank knows its customers and takes specific action to improve the customer experience. For example, the Bank installed video monitors in its ATMs that allow customers to talk to tellers without ever leaving their cars in frigid Michigan winters. In addition, the Bank regularly sits down with customers in its branches to teach them how to use new features like mobile check deposit.
“In virtually every bank with best-in-class CX, we find committed leadership and the seamless integration of digital capabilities that enhance—rather than replace—the human interaction with a banker or relationship manager,” says Jacqueline Vose, Greenwich Associates Managing Director, Customer Experience.
Click here for the list of 2019 Greenwich CX Leaders.